Back to basics for Chainlink. Bulls have to defend $6 before a further crash happens.

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  • Chainlink trading at $6 on Monday, stabilizing on key support

  • Link buyers have always defended $6 against the onslaught of the bears

  • If key support is broken, the link could fall further

Beginning of chain link The staking generated interest in the native token LINK. The cryptocurrency was on an uptrend in the last two weeks of November, ahead of important milestones in early December. But as soon as the early access started, LINK failed to register a profit. Instead, the coin succumbed to the bear market. The bulls are battling $6, as the price now faces a brutal decline if the bears win. But will it happen?

Chainlink Price Outlook and Analysis

$6 is an important price level for Chainlink. Past price action shows that the bulls have defended this important level since June. The levels have been tested in isolation, indicating that LINK could recover from another bearish downturn.

However, till this point there is no price action signal to support the recovery. Looking at the daily chart below, several inside bars are forming at key levels, indicating inherent indecision in the market. As this occurs in a bear market, it signals the exit of sellers or the entry of buyers.

LINK/USD Chart by TradingView

From a technical perspective, LINK is trading below the 20-day and 50-day moving averages. The moving averages have been roughly flat, indicating that LINK is better placed in an extended consolidation. The cryptocurrency is recovering slightly, although the RSI is indicating that the bears are in control.

Will Chainlink recover?

The next price action will determine the direction of Chainlink. link value Stabilized at $6, but bear pressure remains. If the cryptocurrency loses this support, a low around $5.4 remains in sight.

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